Article
Culture
Economics
Ethics
6 min read

The rights and wrongs of making money with meme coins

When does investing become speculating, or even addictive gambling?
A montage shows Trump with a raised fist against other images of him and the phrase 'fight fight fight'.
$Trump coin marketing image.
gettrumpmemes.com,

Donald Trump’s “liberation day” tariffs may have driven sharp swings in global financial markets, but his actions in markets a few months earlier were in some ways even more peculiar.

On the Friday before his inauguration as the 47th US President in January, the Republican surprised many with the launch of the $TRUMP memecoin, described by its website as “the only official Trump meme”. The cryptocurrency token, in which Trump’s family business owned a stake, initially soared in value to more than $14bn over that following weekend. 

Then, on the Sunday, Trump’s wife Melania launched her own memecoin, $MELANIA, which reached a value of $8.5bn. Even the pastor who spoke at the president’s inauguration subsequently launched his own memecoin. 

For those wondering what exactly a memecoin is, you are not alone. In short, they are a form of cryptocurrency - an asset class that itself has attracted plenty of questions about its substance and purpose - representing online viral moments. They have no fundamental value or business model and, according to the US securities regulator, “typically have limited or no use or functionality”. 

Donald and Melania Trump’s coins subsequently plunged in price, but still have a value of around $2.5bn and $214mn respectively, according to website CoinMarketCap. 

There are plenty of others in existence. PEPE, based on a comic frog, has a value of around $3.6bn; BONK, a cartoon dog, has a market cap of $1.5bn; and PNUT, a reference to a squirrel euthanised by authorities in New York and about which Trump was allegedly “fired up” (although doubt has since been cast on the president’s involvement in the matter), is still valued at around $174mn, despite having fallen sharply in price.  

Dogecoin, seen as the world’s first memecoin and originally created as a joke, boasts a market value of around $25bn. (There are other memecoins which may not be suitable for these pages). 

Some people’s willingness to buy an “asset” with no use or fundamental value may seem strange to more traditional investors. But it can be viewed as just one manifestation of the speculative investor behaviour evident since the onset of the coronavirus pandemic and, indeed, at times throughout history. 

The price of Bitcoin recently rose above $100,000, despite many investors still viewing it as having little or no value (in 2023 the UK’s Treasury select committee described cryptocurrencies as having “no intrinsic value, huge price volatility and no discernible social good”). In early 2021, shares in GameStop - a loss-making US video games retailer that some hedge funds were betting against - rocketed as much as 2,400 per cent, as retail investors piled in, many with the aim of inflicting pain on the hedge fund short sellers (in that respect at least, a highly successful strategy that became the subject of the film Dumb Money). The huge rise in AI and other tech stocks in recent years - until the recent tariff-driven volatility - has also been described as a bubble by some commentators. 

Whether or not such episodes can be compared to infamous bouts of speculative mania in history depends on your point of view (and often can only be judged with the benefit of hindsight) - be it the 17th century Dutch tulip bulb mania, shares in the South Sea Company in the 18th century or the dotcom boom and bust of the late 1990s and early 2000s. 

But it does give rise to the question of when investment should start to be described as speculation or even as gambling? And what are the rights and wrongs of any of those activities? 

There can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources... 

Gambling can be thought of as risking a stake on, for instance, the result of a game of chance or sport in the hope of a bigger payout. While often the result is purely down to chance, in some cases a strategy or an element of research (for instance of a horse or football team’s form) can be used. Investment, in contrast, tends to involve purported economic utility and assets believed to have some sort of underlying value, and holds the hope of future profit (although there are also plenty of bad investments or those that have gone to zero). While an investor must be prepared to lose their entire stake, in some cases such an event is relatively unlikely (for instance, if they buy a fund tracking the performance of a major stock exchange). Speculation is harder to define, but is generally seen as shorter term than investment, with more chance of a bigger gain or loss, and dependent on price fluctuations. Rightly or wrongly, the term has a more negative connotation than investment. 

One writer who explored the ethics of these activities was Oswald von Nell-Breuning, a Jesuit theologian and economist who served as an adviser to the Pope and who was banned from publishing under the Nazis. 

While he found that “one general definition cannot capture all the nuances” of speculation, he identified two different types of speculative activity - one that was purely trying to make a profit from financial market trading, and one based on trying to create a viable business. (See this article in the Catholic Social Science Review for a fuller explanation of Nell-Breuning’s views on speculation). 

As the CSSR article shows, Nell-Breuning found that there can be positive effects from speculation - one might think of better liquidity and price discovery in a market, while, in commodity futures markets, speculators allow producers to hedge risk

But he also argued that there can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources away from production. 

And whereas gambling typically takes place within a circle of players who have chosen to take part, speculation, he wrote, can affect a greater portion of society - for instance, if it affects the price of shares or bonds they hold. 

The Bible - on which Nell-Breuning’s faith and analysis was based - does not take a prescriptive approach to such activities. But it does provide some interesting guidance.  

An entrepreneurial approach to business and investment is applauded, for instance when the writer of the book of Proverbs (traditionally believed to be King Solomon) praises the virtues of “an excellent wife”. These include investing in a field and using her earnings from business to plant a vineyard, and feeding her family from her gains. 

Jesus tells a story of a master who, before going on a journey, gives his property to his servants, each according to their ability. To one he gives five “talents” (a large unit of money), to a second two and to a third servant he gives one. 

The first servant trades with his talents and makes five more talents - a 100 per cent profit - and is applauded by the master on his return. The second servant also trades and similarly makes two more talents and is again applauded. 

But the third servant, being afraid and believing the master to be “a hard man”, hides the money in a hole in the ground. He is condemned as “wicked and slothful”, and told that he should at least have put the money in the bank. 

While Jesus’s story may primarily be about how we view God’s nature, how we use our God-given abilities and whether or not we can take risks in faith for Him, it is also hard not to see investment and indeed wise speculation as being virtuous activities here. Putting the money into a bank account is, in this story anyway, more of a fallback option. 

But the Bible also warns us against putting money above all else in our lives. The love of money is, famously, a root of all sorts of evil, while we are also told to be content with what we have, and that “wealth gained hastily will dwindle”. 

Nell-Breuning similarly warns that a “get-rich-quick” mindset, when this is placed above all else, can be harmful, and advises caution in situations where the lure of big profits can lead the speculator into market manipulation or fraud. 

After all, both gambling and crypto trading have the potential to become dangerous and damaging addictions needing treatment

Ultimately, Nell-Breuning struggled to come to a simple conclusion on the question of whether speculation, in and of itself, is morally wrong. It is, he wrote, a judgment call for those involved. 

When making such decisions ourselves, his - and the Bible’s - warnings may be worth bearing in mind. 

Article
Culture
Film & TV
Politics
War & peace
5 min read

The story from a galaxy far, far away that's just made for these times

Andor holds up a galactic mirror to our media-saturated world.

Krish is a social entrepreneur partnering across civil society, faith communities, government and philanthropy. He founded The Sanctuary Foundation.

A montage shows the lead characters from Andor.

It’s an unlikely setup for success: a series set in a forgotten corner of the galaxy, a prequel to a prequel, telling the backstory behind Rogue One - the fourth highest-grossing Star Wars film. It’s a show with none of the original characters—no Darth Vader, no Luke Skywalker, no Obi-Wan. And yet, Andor has garnered widespread critical acclaim and fan appreciation. This Disney+ series has become the first true Star Wars content for grown-ups. 

Disney invested heavily in acquiring the rights to both the Marvel and Star Wars franchises, paying $4 billion for each. The returns have been massive—an estimated $13 billion from the Marvel Cinematic Universe and $11 billion from Star Wars. Yet, despite the financial success, something has been lost along the way: mediocre storylines, convoluted time-travel plots, and repetitive tropes have dulled the creative edge. 

But Andor stands apart. It offers something different—a grounded, character-driven narrative with rich, resonant themes that speak directly to today’s audience. 

Tyranny needs resisting at all levels

Andor follows a number of intersecting character arcs. Although the series is named after Cassian Andor (played by Diego Luna), a disillusioned smuggler turned Rebel Alliance operative, the story is much larger than a single man.  

As the Empire tightens its grip—both openly through military might and brutality, and in the shadows with a vast array of spies, surveillance, and an ever-expanding intelligence network—the need for resistance at every level becomes urgent. Those with a voice need to speak up while there is still a semblance of democracy and freedom of speech. Money is required to fund an insurgency and foot soldiers from all walks of life need to be found and prepared to rise and challenge the systemic injustice and rising imperial oppression. 

Enter Cassian Andor, orphaned at age six and adopted by Maarva and Clem Andor. His early experiences with poverty and oppression awaken something within him—something that solidifies when Clem is executed by stormtroopers. At the other end of the spectrum is Mon Mothma, born into privilege and political influence. Her arc centres on a moral crossroads: whether she will risk her status, her wealth, and her safety to support the resistance from within the halls of power. 

The relevance of Andor's message couldn’t be timelier. In an era marked by rising authoritarianism, disinformation, and increasing political polarization, the show insists that tyranny must be resisted at every level. It reminds us that democratic institutions are fragile, and silence in the face of injustice enables oppression to grow unchecked. Whether it’s fighting against despotic leadership, the erosion of freedom of speech, or systemic inequality, Andor suggests that the burden of resistance cannot simply fall solely on the heroic few. It requires people at every level of society to act with courage, integrity, and purpose before it’s too late. 

 Truth matters 

One important storyline in Andor is how the Empire constructs a moral justification for its actions through state-controlled, propagandist media. Good people can be manipulated, and truth can be twisted. In real time, we witness spin doctors denying or reframing the brutality unfolding around them—even as the Empire violently crushes a peaceful protest in Gorman. 

Showrunner Tony Gilroy uses every world-building tool at his disposal to draw parallels with both historical and contemporary injustices. For instance, the costuming of the Empire’s senior leadership and Imperial Security Bureau agents evokes eerie similarities to Gestapo uniforms. In contrast, the Gorman resistance fighters appear as if they’ve stepped off the set of Les Misérables, echoing the June Rebellion of 1832. They even speak in a French-accented galactic dialect, reinforcing the connection. 

It's difficult not to read this as a critique of how modern news outlets reframe and re-narrate global conflicts—such as the war in Israel and Gaza—to suit and shape their audiences. This agenda-driven reporting distorts facts and desensitizes viewers, often at the expense of those suffering on the ground. The complicity of the press in disinformation and facilitating or justifying atrocities, is contributing even today to ongoing humanitarian crises in places like Sudan and Gaza. 

In a supposedly post-truth era, Andor reminds us that truth still matters. The series holds up a mirror to our media-saturated world, revealing how outrage is manufactured, narratives are controlled, and reality is often mediated through selective storytelling. It challenges us to reflect on the reliability of the news we consume—and on our own role in questioning or accepting the stories we're told. 

Which side are you on? 

One of the most compelling aspects of Andor is its portrayal of parallel lives on both sides of the conflict. While much of the action follows Cassian’s transformation from smuggler to reluctant operative to key rebel leader, we also witness the rise of Dedra Meero—a driven, ambitious surveillance officer within the ISB, the Empire’s intelligence arm. 

Dedra begins as an underdog fighting workplace sexism in a male-dominated bureaucracy. But as her career advances, so does her capacity for cruelty. She becomes one of the Empire’s most ruthless enforcers, willing to sacrifice anything and anyone in her relentless pursuit of Rebel operatives. Her story is a chilling reminder of how authoritarian systems reward efficiency and zeal, no matter the moral cost. Ironically, her single-mindedness may end up helping the rebellion—her recklessness potentially exposes secrets about the Death Star. 

Throughout the series, we see similar tactics employed on both sides—surveillance, betrayal, sacrifice. The only difference is the larger narrative arc that ultimately vindicates the Rebellion’s cause. But in building complex, believable antagonists like Dedra, Andor shows us the banality of evil—how ordinary people, convinced they are doing the right thing, can become instruments of oppression. 

The question the series leaves us with is chillingly simple: in a world sliding toward growing injustice, which side are you on? 

Celebrate our 2nd birthday!

Since Spring 2023, our readers have enjoyed over 1,000 articles. All for free. 
This is made possible through the generosity of our amazing community of supporters.

If you enjoy Seen & Unseen, would you consider making a gift towards our work?

Do so by joining Behind The Seen. Alongside other benefits, you’ll receive an extra fortnightly email from me sharing my reading and reflections on the ideas that are shaping our times.

Graham Tomlin
Editor-in-Chief